Pre-Trading Thoughts

The Federal Reserve raised its benchmark interest rate to the highest level in 15 years by half a percentage point. Officials expect to keep rates higher through next year, with no reductions until 2024. According to a draft law to amend some provisions of the income tax law, the Egyptian government intends to impose a new tax bracket of 27.5% on individuals’ income that exceeds EGP800,000 annually (USD32,000). The draft also includes: Bypassing the unpaid capital gains tax due on the dispos...